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Health Insurance 835 views February 24, 2021
Grace period and waiting period are two different aspects of health insurance. The waiting period is the time for which you won’t get the cover for a specific illness, disease or pre-existing condition. Whereas the grace period is the extra time you will get for your policy premium payment. So if you are purchasing health insurance or going to purchase one, you should know the difference between the grace period and waiting period. Let’s read this page below and know this in detail.
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When you miss your renewal premium due date, the company will provide you a grace period to pay the due premium without any penalty interest. But if you fail to pay during the grace period, your policy can terminate. So take advantage of this grace period to pay the premium in case you fail to do so on the due date. Whereas, the waiting period is the duration that you must wait for if you want to make a claim.
Most insurance companies provide a minimum grace period of 15 days for the due premium payment. But some insurers will offer you a grace period of 30 days too. So, the limit of your grace period may vary based on your insurer. Whereas there are different types of waiting periods such as –
Note:- Not every health insurance company would provide you a grace period.
Note:- You should read the fine print of the policy document while purchasing a health insurance policy. This way, you can pick the plan with a lesser waiting period and a reasonably long grace period. This will make your insurance policy better and you can claim the pre-existing illness or conditions as soon as possible instead of bearing medical expenses from your pocket due to a long waiting period clause and get greater flexibility on your premium payment with a reasonable grace period.